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American Realty Investors Inc. Reports Operating Results (10-Q)

November 14, 2011 | About:
10qk

10qk

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American Realty Investors Inc. (ARL) filed Quarterly Report for the period ended 2011-09-30.

American Realty Investors Inc. has a market cap of $17.3 million; its shares were traded at around $1.5 with and P/S ratio of 0.1.
This is the annual revenues and earnings per share of ARL over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ARL.


Highlight of Business Operations:

For the three months ended September 30, 2011, we reported a net loss applicable to common shares of $0.3 million or $0.02 per diluted earnings per share, as compared to a net loss applicable to common shares of $9.7 million or $0.84 per diluted earnings per share for the same period ended 2010.

Rental and other property revenues were $34.6 million for the three months ended September 30, 2011. This represents an increase of $2.2 million, as compared to the prior period revenues of $32.4 million. This change, by segment, is an increase in the apartment portfolio of $2.8 million, an increase in the hotel portfolio of $0.1 million, an increase in the land and other portfolios of $0.1 million, offset by a decrease in the commercial portfolio of $0.8 million. Within the apartment portfolio, there was an increase of $2.2 million due to the developed properties in the lease-up phase and an increase of $0.6 million in the same property portfolio. Within the commercial portfolio, the same property portfolio decreased by $0.8 million due to an increase in vacancy, which we attribute to the current state of the economy. As a result, we have directed our efforts to apartment development and put some additional land projects on hold until the economic conditions turn around. We are also continuing to market our properties aggressively to attract new tenants and strive for continuous improvement of our properties in order to maintain our existing tenants.

Loss on land sales increased for the three months ended September 30, 2011, as compared to the prior period. In the current period, we sold 3,068.60 acres of land in eight separate transactions for an aggregate sales price of $52.6 million and recorded a loss of $0.9 million. In the prior period, we sold 38.62 acres of land in four transactions for an aggregate sales price of $4.7 million and recorded a loss $0.1 million.

Rental and other property revenues were $102.0 million for the nine months ended September 30, 2011. This represents an increase of $3.6 million, as compared to the prior period revenues of $98.4 million. This change, by segment, is an increase in the apartment portfolio of $4.5 million, an increase in the hotel portfolio of $0.1 million, an increase in the land and other portfolios of $0.2 million, offset by a decrease in the commercial portfolio of $1.2 million. Within the apartment portfolio, there was an increase of $2.7 million due to the developed properties in the lease-up phase and an increase of $1.8 million in the same property portfolio. Within the commercial portfolio the decrease was attributable to the same properties due to an increase in vacancy, which we attribute to the current state of the economy. We have directed our efforts to apartment development and put some additional land projects on hold until the economic conditions turn around. We are continuing to market our properties aggressively to attract new tenants and strive for continuous improvement of our properties in order to maintain our existing tenants.

Gain on land sales increased for the nine months ended September 30, 2011, as compared to the prior period. In the current period, we sold 4,360.24 acres of land in 39 separate transactions for an aggregate sales price of $163.5 million and recorded a gain of $18.4 million. In the prior period, we sold 62.18 acres of land in six transactions for an aggregate sales price of $22.3 million and recorded a loss of $4.2 million.

Read the The complete Report

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